Indian Pig iron offers are unaltered despite low buying interest and falling billet prices.
Trade sources mentioned that users are not taking interest at current Pig iron offers with an expectation of further fall in prices. NINL, which is the price setter for Indian Pig iron market, is heard to getting moderate response at current offers of INR 17,900/MT (USD 270/MT). The new price circular is likely to open post 20 Jun’16.
NINL has also canceled its 15,000 MT export tender due to less participation. Besides, the company has issued a new export tender for 10,000-15,000 MT Pig iron through MMTC.
Current offers for basic grade Pig iron are prevailing at INR 17,400-22,700/MT (USD 260-340/MT) ex-works.
Plant-wise offers
1. Atibir Industries offered Pig iron at INR 17,600/MT ex-Giridih, Jharkhand.
2. Neo Metaliks offered the material at INR 17,500-17,600/MT ex-Durgapur.
3. IISCO Steel (unit of SAIL) has sold steel grade Pig iron in local market at around INR 17,100/MT in last week, traders reported. While, north based traders reported that they are getting offers for bulk purchase at INR 16,700/MT by IISCO on ex-Burnpur basis.
4. Tata Steel’s Pooled iron is available at INR 14,700-14,800/MT and ferroshots at INR 18,000/MT ex-plant, Kalinganagar (extra discount on bulk purchase).
5. Jayaswal Neco Industries is heard to offer material at INR 19,150-200/MT ex-plant, Raipur.
6. Sesa Goa has kept offers unchanged for steel grade material at INR 19,500/MT, FoR Hyderabad (including CST & Freight; ED excluding).
7. In Ludhiana, offers for both grades of Pig iron have moved down due to improved supply by companies like Sesa Goa, IISCO, Tata Metaliks and Kajaraia Iron. Steel grade offers were assessed at INR 22,700/MT and foundry at INR 25,500/MT/MT (Including all, ED excluded); fell by INR 200-500/MT against last week.
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